South Africa: Oil law now seen in 2021

While the public consultation process for the long-awaited Upstream Petroleum Resources Development Bill was launched last year, the bill may not be passed before 2021. A draft of the bill, which stipulates a 20% carried interest for the state in upstream projects, plus a minimum 10% black-owned interest, was published for comment on 24 December, with comments invited to be submitted to the Department of Mineral Resources and Energy by 21 February this year.